While there was little in the way of public details, budget negotiators were in mid-June mode as new ideas made their way into revenue-related discussions that continued in earnest at the state Capitol Monday.

State Treasurer Joe Torsella Monday defended his recent decisions to discontinue loaning funds from Treasury’s short-term investment pool and not authorizing the ability of the Commonwealth to seek outside borrowing without a balanced budget based on his interpretation of prudent lending standards and precedent in making similar types of financial maneuvers.

In a day headlined by the state receiving a downgraded bond rating due to—among other reasons—its ongoing budget-related impasse, the Pennsylvania Senate Wednesday by a vote of 43-7 took the procedural step of voting to not concur in the latest budget-balancing plan passed by the House.

The hope is that the procedural move will set up a conference committee to swiftly move an agreed-to plan when one is reached.

Standard and Poor’s announced on Wednesday morning that they are downgrading Pennsylvania’s bond rating amid the ongoing budget stalemate, the failure of lawmakers to fix Pennsylvania’s chronic structural imbalance, and weakening liquidity.